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Free AccessUS-ASEAN Summit Concludes Today
US President Joe Biden opened the two-day US-ASEAN summit yesterday with a pledge to spend USD$150 million on infrastructure, security, pandemic preparedness, and measure to counter the influence of rival China in South East Asia.
- The summit will continue today with an emphasis on global issues. This will include more on China and Russia.
- 11:30 ET 16:30 BST: US VP Kamala Harris hosts the ASEAN leaders for a working lunch.
- 15:30 ET 20:30 BST: Biden and ASEAN leaders exchange views on regional and global issues.
- Full agenda here: https://www.state.gov/agenda-us-asean-summit/
- At the concluding discussion on global issues, Biden is expected to push for greater coordination on Russia but ambivalence amongst ASEAN leadership is unlikely to change. Support for the US led coalition opposing Russia in Asia Pacific remains limited to staunch allies South Korea and Japan.
- Foreign Policy: 'Most of these countries either aren’t democracies or are so deeply flawed as democracies that they’re less than inspired by the rhetoric.’
- The Biden administration will be hopeful that the second objective of the summit will be more successful- to enhance the current US-ASEAN 'strategic partnership' to bring it inline with Australia and China.
- However, it is difficult to see how the US can match China's economic power in the region.
- Reuters: 'In November [last year], China pledged USD$1.5 billion in development assistance to ASEAN countries over three years to fight COVID and fuel economic recovery.'
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.